Research On The Impact Of CETS On Firm Performance

Global warming is an issue of widespread concern in the world.Many countries have implemented carbon emission trading policies to control company carbon emissions and slow down the trend of global warming.China has been actively pursuing the pilot work of carbon emission trading since 2013,and achieved good emission reduction effects in the pilot areas,but the impact of the implementation of emission reduction policies on firm performance is worthy of attention.Therefore,this paper collects and sorts out the data of A-share listed companies from 2009 to 2018,and uses the propensity score matching double difference method(PSM-DID)to study the average effect,the dynamics effects and the heterogeneity effects of carbon emission trading policies on corporate performance.The research results show:(1)The carbon emission trading policy has a negative impact on the market performance of the firm,and has a positive impact on the financial performance of the firm.(2)The impact of carbon emissions trading policies on firm performance is lagging,and the impact on firm market performance and financial performance only begins to appear in the second and third years respectively.(3)The impact of carbon emission rights policies on firm performance is heterogeneous due to differences in the nature of firm ownership,the industry of firm,and the scale of firm.Based on the conclusions of the empirical research,this paper puts forward the following five recommendations for the national implementation of carbon emission trading policies:(1)Provide targeted subsidies.(2)It is necessary to increase the transparency of trade information in the carbon emissions trading market and promote the liquidity of the emissions trading market.(3)Increase support for low-carbon production technologies,provide sufficient guidance on low-carbon technologies to state-owned enterprises,and encourage R&D investment in low-carbon technologies.(4)Give full play to market performance and enhance the vitality of the carbon emission trading market.(5)Establish an intermediary agency for the carbon trading market and strengthen financial innovation activities in the carbon trading market.